The gut-feel of the 55-year old trader is more important than the mathematical elegance of the 25-year old genius.
ALAN GREENSPANThe tub helps me relax, and it’s a great place to read.
More Alan Greenspan Quotes
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Cash is available and we should use that in larger amounts, as is necessary, to solve the problems of the stress of this.
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It signals problems with respect to currency markets. Central banks should pay attention to it.
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But material success is possible in this world and far more satisfying when it comes without exploiting others.
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And she always has so much fun doing it. We make a good team.
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Well, you probably will always believe there should be laws against fraud, and I don’t think there is any need for a law against fraud.
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This decade is strewn with examples of bright people who thought they built a better mousetrap that could consistently extract abnormal returns from the financial markets.
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We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
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People dont realize that we cannot forecast the future. What we can do is have probabilities of what causes what, but thats as far as we go. And Ive had a very successful career as a forecaster, starting in 1948 forward.
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Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
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If prices go down, we will have problems – problems in the sense of spillover to other areas.
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Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
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We as central bankers need not be concerned if a collapsing financial asset bubble does not threaten to impair the real economy, its production, jobs and price stability.
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There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth.
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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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Everyone has one. You have to, to exist you need an ideology. The question is whether it is accurate or not.
ALAN GREENSPAN